The document discusses forecasting and quality management. It defines forecasting as predicting the future based on past and present data, and identifies quantitative and qualitative techniques. The forecasting process involves determining the purpose, time horizon, technique, data analysis, making a forecast, and monitoring. Elements of a good forecast are that it is timely, accurate, reliable, written, simple to understand, and uses meaningful units. Quality management ensures product consistency by focusing on both quality and how to achieve it. Principles of quality management include customer focus, leadership, engagement, approach, relationships. Benefits of good quality are enhanced reputation, increased market share, customer loyalty, fewer problems, and increased profit.
4. Forecasting Process
Steps in forecasting process
Determine the purpose of forecasting
Establish a time horizon
Select a forecasting technique
Data gather and analyze
Make a forecast
Monitor forecast
5. Elements of Good Forecast
Forecast should be timely
Forecast should be accurate
Forecast should be reliable
Forecast should be in written
Forecast should be simple and understood
Forecast should be meaningful units
6. Quality Management
Quality management ensure that product is
consistent.
Its mean not only focus on product and services
quality but also means to achieve it.
7. Principle of quality management
Customer focus
Leadership
Engagement of people
Approach
Prototype technique
Relationship management
8. Benefits of good quality
Reputation of company is enhance
Increase market shares
Greater customer loyalty
Few production or service problem
Increase in profit
